Time and again on “The Money Show”, we’ve warned that, when it comes to virtually everything – and certainly, virtually everything having to do with money – the old saying “If it sounds to good to be true, it usually is,” applies. That’s especially true when it comes to the plethora of get rich quick and/or ‘money/tax saving’ schemes that are always floating around (and seem to grow in number during difficult economic times like these).
What’s worse, in addition to the financial harm these schemes can cause, (sometime, a waste of money on the seminar, tape and/or literature fees charged, sometimes, a loss of major investments) some of these schemes can also get you into legally hot (very hot) water.
One recent case in point – as reported in the Boston Herald last month, a federal judge recently sentenced two local “get rich quick” artists to 2 ½ years in jail and 3 years of probation, respectively, as a result of one of these schemes.
The two former Leominster, MA residents – Daniel Anderson and Dwayne Robare – helped run the “Institute for Global Prosperity” (or “IGP”), which ran and sold tax related get rich quick seminars and tapes. The information IGP was ‘teaching’ included tips on how people could avoid paying taxes by using offshore trusts and offshore bank accounts.
Again, as we’ve mentioned many times before, the Internal Revenue Service is especially touchy about people trying to conceal income and avoid paying taxes on it. IGP reportedly sold $45 million worth of its seminars and tapes. Here’s the kicker (or, perhaps, poetic justice) – Anderson and Robare unsuccessfully tried to use the ‘advice’ given in the IGP seminars and tapes to conceal income they made ‘teaching’ this same advice to others on how to avoid paying taxes. Bottom line – Robare ended up pleading guilty to tax evasion and Anderson admitted to the charge of conspiracy to defraud the U.S.
Nine other people have also been convicted of or pleaded guilty to similar charges in connection to IGP.
So, once again, we remind you, when it comes to any ‘get rich quick’, ‘fantastic money saving’ ‘opportunities’ or the like, remember, if it sounds too good to be true, IT VIRTUALLY ALWAYS IS.